Global Baking Extracts Market Size By Type (Almond Extract, Chocolate Extract), By Application (Home Using, Commercial Using), By Geographic Scope And Forecast
Report ID: 53102|No. of Pages: 202
Global Baking Extracts Market Size By Type (Almond Extract, Chocolate Extract), By Application (Home Using, Commercial Using), By Geographic Scope And Forecast
Baking Extracts Market Size And Forecast
Baking Extracts Market size was valued at USD 1.25 Billion in 2022 and is projected to reach USD 2.10 Billion By 2030, growing at a CAGR of 6.72% from 2023 to 2030.
The global baking extracts market is driven by several factors, including the increasing demand for natural and organic flavors, the growing popularity of home baking, and the rise in disposable income and urbanization. The demand for baking extracts is also fueled by the increasing consumption of baked goods and confectionery products, as well as the expanding food and beverage industry. Furthermore, the use of baking extracts in various applications such as beverages, desserts, and snacks is driving the market growth. Additionally, the development of innovative flavors and the increasing adoption of online retail channels are further contributing to the growth of the baking extracts market.
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Global Baking Extracts Market Definition
Baking extracts are natural or synthetic flavoring agents that are used to add flavor and aroma to baked goods such as cakes, cookies, pastries, and bread. They are derived from various sources, including fruits, spices, herbs, and nuts, and are available in liquid or powder form. Baking extracts are widely used in the food and beverage industry to enhance the flavor of various products.
The global baking extracts market includes a wide range of products, such as vanilla extract, almond extract, lemon extract, orange extract, and many more. These extracts are used in both commercial and home baking applications, and are available in various forms such as paste, powder, and liquid. They are also used in the production of confectionery products, ice creams, beverages, and other food products.
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Global Baking Extracts Market Overview
Consumers are increasingly conscious about the health and environmental impact of the products they consume, leading to a growing demand for natural and organic ingredients in the baking industry. Baking extracts made from natural sources such as fruits, herbs, and spices are becoming increasingly popular, driving the growth of the baking extracts market. With the rise of cooking and baking shows on television and the internet, there has been an increase in the number of people trying their hand at home baking. This has led to a surge in demand for baking extracts as people seek to add more flavor and aroma to their baked goods.
Food and beverage industry is constantly expanding, with new products being introduced and existing products being reformulated. Baking extracts are widely used in the industry to enhance the flavor of various products, leading to increased demand. As disposable income levels rise, consumers are increasingly willing to spend more on premium ingredients, including baking extracts. Additionally, urbanization has led to a shift in consumer preferences towards convenient and easy-to-use products, further driving the demand for baking extracts.
Natural baking extracts are generally more expensive than synthetic extracts, which can be a barrier for some consumers. The high cost of natural extracts is due to the complex and time-consuming process of extracting flavor from natural sources. Limited availability of certain flavors: Some baking extracts, such as saffron and truffle, are rare and difficult to source, making them expensive and limited in availability.
There is an increasing demand for unique and innovative flavors in the baking industry, presenting opportunities for manufacturers to develop new and exciting baking extracts. The rise of e-commerce has created new opportunities for manufacturers to reach a wider audience and expand their market presence. The baking industry is growing rapidly in emerging markets, such as India and China, presenting a significant opportunity for manufacturers of baking extracts to tap into these markets.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Baking Extracts Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behaviour of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Baking Extracts Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Global Baking Extracts Market Segmentation Analysis
The Global Baking Extracts Market is segmented into Type, Application, And Geography.
Baking Extracts Market, By Type
- Almond Extract
- Chocolate Extract
- Vanilla Extract
- Others
Based on Type, the market is segmented into Almond Extract, Chocolate Extract, Vanilla Extract and Others. almond extract, chocolate extract, vanilla extract, and others. Vanilla extract is the most widely used baking extract, accounting for a significant share of the market. Vanilla extract is used in a wide range of baked goods, such as cakes, cookies, and pastries, as well as in other products such as ice cream and beverages. Almond extract is also a popular baking extract, and is used to add a nutty flavor to baked goods. Chocolate extract is used to add a rich chocolate flavor to baked goods and confectionery products. Other baking extracts include lemon extract, orange extract, maple extract, and peppermint extract, among others. These extracts are used to add unique and diverse flavors to baked goods and other food products, and are gaining popularity as consumers seek new and innovative flavors.
Baking Extracts Market, By Application
- Home Using
- Commercial Using
Based on Application, the market is segmented into Home Using, and Commercial Using. home use and commercial use. Home use of baking extracts includes their use in baking and cooking by individuals in their homes. Commercial use of baking extracts includes their use in the food and beverage industry, such as in bakeries, cafes, and restaurants, as well as in the production of confectionery products and other food products. Commercial use of baking extracts accounts for a larger share of the market as compared to home use, due to the large-scale production and consumption of baked goods and other food products in the food and beverage industry.
Baking Extracts Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of Geography, the Global ABC is classified into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The baking extracts market is growing globally, with North America, Europe, and Asia Pacific leading in terms of revenue generation. North America is the largest market, driven by the high demand for baking products, such as cakes, cookies, and pastries, among consumers. In Europe, the demand for natural and organic baking extracts is increasing, with countries like Germany and France being major consumers. The Asia Pacific market is expected to grow significantly due to the increasing population and changing food habits, particularly in countries like China and India. Latin America and the Middle East and Africa regions are also expected to experience growth in the baking extracts market.
Key Players
The “Global Baking Extracts Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Synergy Flavors, McCormick, Lionel Hitchen, Shank’s Extracts, Smucker’s, Olivenation, Wilton, Puratos, Kraft, MALATYA EKMEK KATKI.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
- In June 2022, To expand its European offering, Puratos acquires the French start-up Rapidle and plans to merge it with BakerOnline.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Synergy Flavors, McCormick, Lionel Hitchen, Shank’s Extracts, Smucker’s, Olivenation, Wilton, Puratos, Kraft, MALATYA EKMEK KATKI |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Industry Analysis Matrix
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